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20130115
20130115
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ceiling extended to next year -- $2.5 trillion. they can't even -- congress has not been able to identify $1.2 trillion in cuts that they're happy with. because these same republicans say they don't want to cut defense, they've claimed that they don't want to gut medicare or harm the vulnerable. but the truth of the matter is that you can't meet their own criteria without drastically cutting medicare, or having an impact on medicaid, or affecting our defense spending. so the math just doesn't add up. now, here's what would work. what would work would be for us to say we've already done close to $2 trillion in deficit reduction, and if you add the interest that we won't be paying because of less spending and increased revenue, it adds up to about $2.5 trillion. the consensus is we need about $4 trillion to stabilize our debt and our deficit, which means we need about $1.5 trillion more. the package that i offered to speaker boehner before we -- before the new year would achieve that. we were actually fairly close in terms of arriving at that number. so if the goal is to make sure that we a
.5 trillion dollars in cuts just to get the debt ceiling extended to next year. 2.5 trillion. congress has not been able to identify 1.2 trillion and cuts their happy with. because the same republicans say they do not want to cut the fence. and they have claimed they do not want to gut medicare or harmed the vulnerable, but the truth of the matter is you cannot meet their own criteria without drastically cutting medicare or having an impact on medicaid or affecting the defense spending. the ma justth is not add up. here is what would work. -- the math test is not at about it adds up to. 0.5 trillion dollars. the consensus is we need 4 trillion dollars to stabilize the debt, deficit. that means we need 1.5 trillion dollars more. the package i authorized to the speaker before the new year would achieve that. we were actually fairly close in terms of arriving at that number. so if the goal is to make sure we're being responsible about the debt and the deficit, it that if the conversation we're having, i am happy to have that conversation. by closing additional loopholes through tax reform, wh
warnings on the debt ceiling. timothy geithner telling congressional leaders that the u.s. will exhaust its limit mid-february. bernanke urging congress to extend borrowing authority well before the deadline. the u.s. could lose its aaa rating, so where do we go from here? wonderful to have you with us. you believe the u.s. will not default on its debt. how will washington get to that point? there is a proposal of delaying inflammation of the obama law. >> everything is on the table, including the delight that the republicans are talking about. my guess is, or that our guess is, they will go all the way down to the wire. whether there will be enough to talk about a substantial reduction in the debt, i think that is a little bit more up for grabs. we will get pretty close to that line. in the process, the worry is not that we do fall, but that the markets could get very upset. as they did in the summer of 2011, especially the stock market. lori: the markets have to be somewhat jaded. having said that, how will that impact the first quarter? >> the markets are starting to get a little jaded.
mid-february or early march. now, fitch predicts washington will extend the debt ceiling despite the current war of words between president obama and republicans in congress. what happens if we get downgraded? it happened before. remember 2011, when standard & poor's did it. that hit markets and the wider economy hard, but it didn't cause interest rates to increase. this time could be different, however, because the rest of the world is getting its act together. even successful businesses like ford are worried. here's what ceo alan mulally told me today. >> i think the most important thing to your point is that we come together around a solution that allows us to live within our means, to reduce our budget deficits, and also to deal with our trade deficits, and create an environment where the businesses can grow in the united states. the most important thing is we come together with a comprehensive solution, not just working one piece or the other, but a comprehensive solution where we can start to grow the economy again for everybody. >> but the order in which we do things matte
the opposite, as i see it, is what should have been. i think we should extend, if not end the debt ceiling issue. we should just set it aside for it through a period of time. we should tackle a sequestration then we have to do that in the next six weeks. so i hope that we don't drag this out as some people are saying and then move onto a serious serious discussion of tax reform. and entitlement issues. so i see it in a sense the opposite way. i say let's get this done, and a sequestration part in the debt ceiling the next six weeks and then move on. those who are saying let's do a triple feature both, they are the ones who would be underwriting the effort to sit down and have a serious discussion of tax reform entitlements. >> we have about two minutes left. francine. >> i have a question about itemize deductions. what's your thought on having a cap on itemize deductions that people can use for whatever they want. mark h. word whatever. >> the problem with a cab is that it has to seriously consequence, especially for charitable contributions. because a substantial portion of the charitable
and 450 and see him talking tough on the debt, on this debt ceiling now, but think he's likely to cave on that and they like the tough talk, they think it's the republicans who are the ones who are obstinate and see it i guess, as a tit for tat. but there's a real juvenile element for this. and look, there are plenty of differences and criticisms to be made about the republican party, but to set up this paradigm where they like to starve children or are actually suspicious of social security, which really isn't true, you know, that there are different policy differences how to approach social security spending, but why does the president need to set it up and so demonize republicans when i think there's plenty of valid criticisms he can take without doing that and he's doing that precisely because the left in the way way the right likes it when republicans do it, they like this kind of petulant nasty tone because they view that as strength when of course it's opposite of strength. strength would be coming out of-- >> that's the thing, there's a question we touched on with michael, shou
passed the debt ceiling at the beginning of the year, but through accounting tricks and playing with numbers and what have you we were able to extend that by which we can continue to do things according to business as usual, and the treasury is saying that at least definitely by march, sometime in march they're going to need authority from congress to raise the borrowing limits of that they can raise more money. >> our republicans in congress reacting to the president's comments from this press conference? >> we're not too sure yet. republicans are just getting back into town this evening for a day of voting on tuesday, and then they will disappear again for their annual policy and political retreats in virginia. senate republicans are not scheduled to be in this week. the send is not scheduled to be in this week. we know that -- and i know from following twitter and watching the reaction from speaker of the house and republican senate leader that they did not appreciate the president's comments or agree with them. they held fast that they expect to passed legislation on the hou
Search Results 0 to 6 of about 7